China, Brazil Discuss Deeper Financial Cooperation and Local-Currency Use

People’s Bank of China Governor Pan Gongsheng met with Brazilian Finance Ministry Minister Durigan on June 25, 2026, to discuss international macroeconomic policy coordination and ways to deepen practical bilateral financial cooperation. According to Jin10, both sides said China and Brazil, as key representatives of the Global South, should comprehensively strengthen cooperation in the financial sector. They agreed to make better use of the China-Brazil Financial Strategic Cooperation Working Group mechanism, deepen bilateral investment and financing cooperation, promote the use of local currencies in bilateral transactions, and advance connectivity of financial infrastructure so that cooperation outcomes benefit businesses and the public in both countries. The two sides said they would further推进 financial market connectivity and expressed expectations that China Central Depository & Clearing Co., Ltd., the China Foreign Exchange Trade System, and the Brazilian stock exchange would reach consensus on signing a memorandum of cooperation. They also supported a larger role for the China-Brazil Sustainable Development and Capacity Cooperation Fund, including project deployment in key areas such as climate change and clean energy to achieve mutually beneficial economic and social outcomes. During the meeting, Pan and Durigan jointly witnessed a ceremony in which Brazil’s Finance Ministry submitted an application letter to the National Association of Financial Market Institutional Investors for the issuance of panda bonds.